The 100-envelope challenge is spruiked as a fun and easy way to save money while Australians face the cost of living and rental crisis head-on. 9News
The 100-envelope challenge is spruiked as a fun and easy way to saveTo break it down, you take 100 envelopes, easily purchased for less than $4.50, and label them one to 100.Then on day one you put $1 in, day two is $2, on day 10 is $10 and so forth until you reach envelope 100 and pop $100 in.Some users shuffle the envelopes and pick out random numbers on a day to pop money into and cross it off the list while others go from one to 100.
The first issue McLean pointed out is where are people getting the money to save particularly as the challenge is geared towards social media users who are typically generation z."Where do you get the money from? If we're dealing with generation z, it's easy enough and very good putting a $1, $2 and then $3 but then you get to the extreme in the final week you have to find $98 one day and $99 the next," he told 9news.com.au.
"In the last weeks of the challenge it will be difficult and what are they going to use to cover the rest of the expenses," he said.McLean said it would be better to either use different envelopes for different expenses.
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